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Furukawa Electric Posts Loss for Year

Updated May 20, 2002 7:32 a.m. ET

Furukawa Electric Co. said Monday that it posted a group net loss of &yen;3.38 billion ($26.8 million) in the last fiscal year ended March 2002, as it was hit by the global IT market slump and an increase in research and development costs. The group net loss was larger than the company's March forecast for a &yen;2.60 billion loss. Furukawa Electric posted a group net loss last fiscal year for the first time since the year ended March 1983. For the current fiscal year to March 2003, Furukawa expects a record group net loss of &yen;49 billion, due to expected poor profits at the U.S. subsidiaries that took...